Format of Undertaking for TDS on Salaries Under New/Old Tax Regime

CBDT has issues Circular C1 of 2020 dated 13.04.2020. It clarifies that Employee has to intimate employer of intention to opt for new concessional rates.

Here are the format of the undertaking for TDS on Salaries under both regimes.

UNDERTAKING FOR TDS FOR SALARIES UNDER NEW TAX REGIME

EMPLOYEE NAME –

EMPLOYEE ID –

This is to certify and confirm that I, (Full Name), shall be declaring my Income for the financial year 2020-21 ( Assessment Year 2021-22) as per the new tax regime declared and approved with reference to the Income Tax Act, 1961 and Rules made there under.

Under the new tax regime, I will not be claiming any deductions:

1. under section 10(5) – Leave Travel Allowance
2. under section 10(13A) – House Rent Alllowance
3. under section 10(14) – Transport Allowance
4. under section 10(32) – In respect of Income of a child, if clubbed.
5. under section 16 – Standard Deduction of Rs. 50,000/=
6. under section 24(b) – Interest on borrowed capital for home loan
7. under chapter VIA other than the provisions of section 80CCD(2) – NPS

Further, I undertake that if I will change and opt for old tax regime for the financial year 2020-21 (Assessment Year 2021-22) any time up to the date of filing the return of Income and if there are any dues for Income Tax and/or any late payment of interest and/or any penalty, the same shall be borne by me.

(Name of the employee)

Date:

Place:

Format of Undertaking for TDS on Salaries Under New/Old Tax Regime

UNDERTAKING FOR TDS FOR SALARIES UNDER OLD TAX REGIME

EMPLOYEE NAME –

EMPLOYEE ID –

This is to certify and confirm that I, (Full Name), shall be declaring my Income for the financial year 2020-21 ( Assessment Year 2021-22) as per the old tax regime declared and approved with reference to the Income Tax Act, 1961 and Rules made there under. I will provide the copies for all the rebates and/or deductions to be claimed by me.

Further, I undertake that if I will change and opt for new tax regime for the financial year 2020-21 (Assessment Year 2021-22) any time up to the date of filing the return of Income and if there are any dues for Income Tax and/or any late payment of interest and/or any penalty, the same shall be borne by me.

(Name of the employee)

Date:

Place:

You May Also Refer:

• TDS Rate Chart For Assessment year 2021-22 or Financial Year 2020-21
• TCS Rate Chart For Assessment year 2021-22 or Financial Year 2020-21